so if the price is 555,000, you would offer 55K down
and $500,000/360 per month in payments?
now if the IRS wanted to assume Imputed Interest?
would they discount to the 30 year Interest rate?
or would the buyer be required to report the capital gains on the sale, pay that at 18% and the payment is over time?
would the seller be able to deduct payments assuming
a 30 year interest rate?[/quote]
Wow. Exactly why can’t someone get a 0% loan? Are they afraid the banks might lose some business?
I was asking a (financial consultant) friend about using money in an IRA for a mortgage. Right now, the IRA gets less than 1% on the MM funds, and I thought it would be a good idea to use the money for a mortgage, pay the IRA back at 3%, which is more than what it’s getting now (good for me!) and I’d be paying less than what the current mortgage rates are (good for me, again!). Nope, apparently it’s not okay to give yourself a “below market” rate from your own IRA (among other issues).
What a great country. The Fed/govt has severely punished anyone who was prudent and stayed out of debt/saved by pushing rates down near 1% for the better part of the past decade. When we try to use that to our advantage, we get slapped down again. It’s obvious who our govt is serving, and it’s not us.
Sounds like the banks have fixed everything to thier advantage.
